Bank of Maharashtra is a major public sector bank in India. Government of India holds 81.61% of the total shares. The bank has 15 million customers across the length and breadth of the country served through 1897 branches as of 5 April 2016. It has largest network of branches by any public sector bank in the state of Maharashtra.
History
The bank was founded by V. G. Kale and D. K. Sathe and registered as a banking company on 16 September 1935 at Pune.
The bank was registered on 16 September 1935 with an authorised capital of ₹ 1 million, and began business on 8 February 1936. Bank's financial assistance to small units has given birth to many of today's industrial houses. After nationalization in 1969, the bank expanded rapidly.
Narendra Singh who had assumed the office of Chairman and Managing Director from 1 February 2012, left his office on 30 September 2013 on attaining superannuation. Sushil Muhnot was the Chairman and Managing Director before Ravindra Prabhakar Marathe. Ravindra Prabhakar Marathe is the current MD and CEO.
Autonomy of the bank
The bank attained autonomous status in 1998. As a result, the bank has limited interference of Government bureaucracy in its decision making process and internal affairs.
Other attributes
- Convener of the State Level Bankers Committee.
- Offers Depository services and Demat facilities at 131 branches.
- Has a tie up with Life Insurance corporation of India and United India Insurance company for sale of insurance policies.
- Has achieved 100% CBS enabling anytime anywhere banking to its customers.
Logo
The logo is made of the following items:
- The Deepmal - with its many lights rising to greater heights,
- The Pillar - symbolising strength,
- The Diyas- symbolising services,
- The three Ms - symbolising mobilisation of money, modernisation of methods, motivation of staff.
See also
- Banking in India
- List of banks in India
References
External links
- Official website